F&I
CarMax pushes into Tier 2, revamps MaxCare and GAP
At its Nov. 3 strategy update, CarMax said CarMax Auto Finance will expand into Tier 2 credit in stages, aiming to capture 40% of CarMax's Tier 2 volume by fiscal 2030 versus 10% in Q2 of fiscal 2026, with upfront loss provisions weighing on finance income near term; it also plans a reworked MaxCare and GAP lineup plus renegotiated provider terms to lift protection-plan profit per retail unit by 20% or more by FY30, alongside $200 million in run-rate cost savings exiting FY27, per CarMax's SEC 8-K. Link · Link
The other stories from Tuesday, November 3, 2026.
Kia posts another record month
Kia America sold 80,008 vehicles in October, 16% above its previous best October, as retail volume climbed 20% to 68,926 and hybrid sales more than doubled (up 114%); Telluride gained 63% and EV9 111%, extending its record streak to six…
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Schaeffler trims 3,460 European jobs
Supplier Schaeffler plans to eliminate about 3,460 positions in Europe, roughly 2,660 of them in Germany, closing five sites including Dortmund (combustion-engine parts), Morbach, Berlin, Schwalbach and Herstal, Belgium, and cutting…
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BMW brings Level 2 assist to city streets
Starting in Germany in 2027, with other countries later, BMW will add route-guided Level 2 assistance that can handle turns, urban lane changes, right-of-way situations and roundabouts while the driver stays attentive; the hardware is…
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Audi Georgia plant could nearly double
State and local records describe a possible second phase at Audi's planned Middle Georgia plant that would add $3 billion and 3,000 jobs to the announced $4 billion, 4,500-job first phase, backed by a likely incentive package of more than…
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Public dealers lean harder on service
Across Q3 reports from publicly traded dealer groups, parts and service supplied 54% of gross profit; sales-weighted new-vehicle gross per unit fell 6% year over year to $2,703, used gross per unit rose 4.7% to $2,392, and combined…
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Banks raise credit-score floors as auto demand slips
In the Fed's October loan officer survey (third-quarter conditions), banks left auto loan standards little changed on net but raised minimum credit scores, while a net 12.5% reported weaker auto loan demand, the sixth soft-demand reading…
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Auto debt nears $1.7 trillion as late payments ease
Outstanding U.S. auto debt reached about $1.7 trillion, up 3.3% from a year earlier, while the share of accounts 60-plus days late fell to 1.7%; first-half originations dipped 1.9% to 12.8 million loans even as balances originated rose…
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